Investing £50000

badger09

Zoe.nash wrote: »

Thank you all so much, I was convinced it was a safe bet, it was a fixed rate bond, maybe a IFA would be a good idea. Have any of you heard of Old Mutual?

Have you used Google?

Old Mutual is a well established company. Though its website warning on scams needs updating:cool:

https://www.oldmutualwealth.co.uk/

Zoe.nash wrote: »

register.fca.org.uk

That is the link to the register. Tells us nothing about Globality

This one?

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfuZnAAJ

Main problem is, no legitimate company would cold call you after you'd been 'googling where to invest money'

Zoe.nash

Yes I thought that meant it was registered with them

ColdIron

Zoe.nash wrote: »

register.fca.org.uk

That's the FCA (a regulatory body) and not the FSCS (an industry funded scheme to provide some protection to you in some circumstances). The only thing I can find at the FCA is what appears to be a different company

Old Mutual is a well known asset manager but just one of many. To my knowledge they do not offer savings accounts and they, like any reputable company, will certainly not cold call you after a bit of googling.

AnotherJoe

Zoe.nash wrote: »

We are selling a house that we rented out and will have a lump sum but don’t know what to do with the money, we was going to pay some off our mortgage and put some where it would be safe but earn decent interest. Is there anyway I can attach the email from Globality? Thanks for the advice

I don't think you are listening. It's either very high risk (which you didn't want) or it's a scam.
No email is needed to know that. "Guaranteed rate at 6% +" and they phoned you. Slam dunk.

Don't take this personally but you seem very vulnerable to being scammed. Giving your phone number out, thinking "bond means something, believing what a scammer said about Insurance, thinking the email will make any difference, because a known company is supposedly involved (but probably not) thinking that adds credibility, thinking 6% plus guaranteed is even possible.
Just look at the links in here for best high rate savings and please don't let the word "bond" fool you. These days its more likely to mean "scam" than anything else.

Prism

Zoe.nash wrote: »

Thank you all so much, I was convinced it was a safe bet, it was a fixed rate bond, maybe a IFA would be a good idea. Have any of you heard of Old Mutual?

Both of these companies exist however how do you know that the person you got the call from works for either?

Globality is a closed down company

https://beta.companieshouse.gov.uk/company/FC028975/filing-history

steampowered

If you wish to save this money for the long term, the best thing you could do would be to open a stocks & shares account, and invest the money in a balanced portfolio of shares in large companies.

The easiest way of doing this is to open a stocks & shares account with a large broker, and purchase a balanced investment fund - e.g. a Vanguard fund.

The risk of investing in a balanced portfolio of stocks & shares is much lower than the risk of investing in one of these dodgy companies offering fixed interest rate products.

If one company in a stocks & shares portfolio goes under, you only lose a small bit of it. If the company you buy a fixed interest rate product goes under, you lose everything.

londoninvestor

Zoe.nash, I'd suggest reading these threads to understand the kind of sharks that are out there:

https://forums.moneysavingexpert.com/discussion/5951436/charterhouse-vw
https://forums.moneysavingexpert.com/discussion/5346049/london-capital-and-finance
https://forums.moneysavingexpert.com/discussion/5955174/strategic-active-trading-funds
https://forums.moneysavingexpert.com/discussion/5973715/investment-bonds-paying-3-924-or-5-4
https://forums.moneysavingexpert.com/discussion/5998880/sector-capital-funds-plc

Old Mutual is a reputable company, but that doesn't help you if a scammer claims they'll invest your money there, and just runs off with it.

Zoe.nash

Thank you all so much, I’m so glad I didn’t have the money available as I probably would have done it. I appreciate all your advice and do not take any of it personally. As I said this is very new to me and I’ve never had that sort of money before. I have certainly learnt a lot and will think about what’s best to do with the money without the risk of loosing it all

Shashy

I'm very glad you came here to ask for some guidance, and even more glad you have the sense and humility to take it on board. Quite a few people appear on these forums when it's too late...

If you need some time to think properly about what you want to achieve with this money, it may be best to just open a simple savings account with a high-street bank or NS&I. The best rates available can be found on the website - just click Banking & Saving at the very top of the page.

£50k is beneath the compensation limit offered by (legitimate) banks, so you'll be fine sticking it in a normal savings account for now. It won't earn much, but it will be safe and sound whilst you learn more.

silverwhistle

AnotherJoe wrote: »

No email is needed to know that. "Guaranteed rate at 6% +" and they phoned you. Slam dunk.

This! Although I'd have preferred 'back of the net' or 'clean bowled'.:D